Annual Filing of GSTR-9 Now Available!!!

Annual Filing of GSTR-9 Now Available

Filing of Annual Return GSTR-9 for the Financial Year 2019-20 has been enabled by the Central Board of Indirect Taxes.

Statement issued by CBIC

The statement issued by CBIC is as follows “Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of the said return for auto population from returns is under progress which is likely to be completed soon. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return.

What is GSTR-9?

GSTR-9: It is an annual return, which is to be filed by the taxpayers registered under GST. It has the following details:
– Outward supplies made,
– Inward supplies received, and
– HSN code

In short, GSTR-9 is a consolidation of all the monthly and quarterly returns filed by the taxpayer in a financial year.

Late fees under GSTR-9

The late fees for not filing the GSTR 9 within the due date is ₹100 per day, per act. Therefore, the late fees of ₹100 under CGST and ₹100 under SGST will be applicable in case of delay in filing of this return. In total, the total liability of the taxpayer will be ₹200 per day of default. Please note that this late fees is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

It may be also be noted that filing of Annual Returns (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below ₹2 Crore. The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto ₹5 Crore.

Want to know more about GSTR-9? Contact TaxHelpdesk today!

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